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28 September, 02:42

Phil had made $1200 deposits in an annuity due at the beginning of each quarter in an account earning 6% interest compounded quarterly. What is the future value of the account in 2years? pay attention this is Annuity due not ordinary annuity

ractice Tests

10271.20

$5,835.12

$5,991.53

$5,902.99

+4
Answers (1)
  1. 28 September, 04:16
    0
    Formula and set up:

    A = P (1 + r/n) ^ (nt)

    You want A.

    A = 1200 (1 + (0.06) / 2) ^ (0.06) (2)

    Plug right side into calculator to find A.
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